National Small Industry Day

• 31 Aug 2023

August 30 marks the annual observance of National Small Industry Day in India, a day dedicated to acknowledging the role of small industries in the country's progress and offering support for their growth.

Key Points

• Recognizing Small Industries' Contribution: The significance of National Small Industry Day lies in honoring the contributions made by small industries to India's economic advancement.
• Local Employment and Scale: Small industries typically engage in local-scale manufacturing and service provision.
• These businesses serve as significant employers, recruiting local workforce. The investment ceiling for such enterprises is capped at Rs 1 crore.
• They serve as a key solution to unemployment and underemployment challenges in India.
• Historical Origins: On August 30, 2000, the Ministry of Small-Scale Industries introduced a comprehensive policy package aimed at enhancing small businesses' growth through infrastructure and technology development. A year later, the Centre formally declared August 30 as the National Small Industry Day.
• "Vocal for Local" Initiative: In line with Prime Minister "vocal for local" initiative, the best way to commemorate National Small Industry Day is to support local businesses.
• Purchasing goods and services from small enterprises fosters their growth, enabling them to provide more employment opportunities.